Bitcoin-Based Ordi Token Takes Crypto Market by Storm: Everything to Know

The crypto market is currently under a long-awaited bull run. Bitcoin, at this point, is trading at $42,450 (roughly Rs. 35 lakh) which is its highest price in the last nineteen months. In the midst of the market excitement, a new crypto token has managed to catch massive attention. Based on the Bitcoin blockchain, The name of this cryptocurrency is ‘Ordi' and just like social media sensation Orry Awatramani, this new token has gotten everyone thinking about what it does. 

The first BRC-20 crypto token on the Bitcoin blockchain, the Ordi token recently reached its all-time high of $65.06 (roughly Rs. 5,422). In the last seven days, the token saw its price surge by 148 percent. In the last 30 days, ORDI token has risen by a whopping 500 percent, piggybacking on Bitcoin's bull run, showed data by CoinGecko.

Incepted as a technical experiment Ordi uses the Ordinals protocol to inscribe data, such as text, images, audio, and video, onto the Satoshi units of Bitcoin. In the recent past, established crypto exchanges like Binance and OKX listed Ordi for exchange and purchase on their platforms. This added momentum to its otherwise gradual growth

With Bitcoin price escalating, the value of the Ordinal-based NFTs also spiked which again in-turn added speed to Ordi's price hike. After the token's market cap breached the mark of $1 billion (roughly Rs. 8,333 crore) on Tuesday, September 6, several members of the crypto community posted their takes about the Ordi token.

The first Ordi came into existence after it was inscribed by an anonymous user with the address bc1p…gy06 on March 8, 2023, a Medium blog claimed.

Ordi has a pre-set circulating supply that is restricted to 21 million, which brings the rarity quotient to this altcoin. Owing to the ever-changing landscape of the crypto market, the investor community keeps a check on these newer tokens on the rise and posts alerts if anything suspicious comes up.